KUALA LUMPUR: TH Properties Sdn Bhd and its Australian joint venture partner, Piety Group, is developing the A$500 million (RM1.55 billion) ONE The Waterfront, a residential development project at Wentworth Point, about 13km from the Sydney Central Business District.

ONE The Waterfront is one of three ongoing residential projects in Sydney carried out by their 50:50 joint venture firm, Piety THP Developments Pty Ltd.

Targeted to start in April 2016, over 650 apartment units will be built in three phases on a 2.56ha site of a quadrant-shaped reclaimed land.

Piety group managing director Bilal El Cheikh said an application for a proposed development of 273 apartment units was submitted to the Auburn City Council for the first phase of the development, which is scheduled to be completed in September 2017.

"In this phase, there will be five blocks of four to nine floors," he told Malaysian journalists in Sydney recently.

Minister in the Prime Minister's Department Datuk Seri Jamil Khir Baharom recently visited the project site and also officiated the just-completed TH Properties' A$220 million Bay Pavilions property development project, its first international foray, located at Lane Cove, Sydney.

ONE The Waterfront is another premium mix of spacious one, two and three-bedroom apartments, priced between A$639,000 and A$1.441 million.

"We are submitting a plan to build as high as 30 floors for the next phases," Bilal said. "If successful, ONE The Waterfront will be one of the iconic apartment buildings here."

Designed by award winning Stanisic Architects, ONE The Waterfront will tower above existing surrounding low-rise residential buildings of up to only five storeys.

The site benefits from its close proximity to the 635ha Sydney Olympic Park Precinct, enjoying world-class infrastructure, sporting and recreational facilities and parklands.

Several developments are currently ongoing at Wentworth Point which include a new bridge to Rhodes, Marina Square Retail Precinct, Peninsula Park and a primary school.

TH Properties has allocated about RM220 milion for all its Australian projects and is currently embarking on those three developments with a gross development value (GDV) exceeding A$800 million.

The property development arm of Malaysia's Pilgrimage Fund Board has already obtained approvals from the relevant authorities for these developments.

Besides ONE The Waterfront, TH Properties has commenced construction of the Imperial Hurstville project in Treacy Street, Hurstville with a GDV of about A$200 million.

It has another project, a proposed high-rise apartment, works on which will begin in 2016 at North Strathfield. - Bernama